Did you lose money on investments in Enviva? If so, please visit Enviva Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, Dec. 27, 2022 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP , a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Enviva Inc. (“Enviva” or the “Company”) (NYSE: EVA) between February 21, 2019 and October 11, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Maryland and alleges violations of the Securities Exchange Act of 1934.
Enviva, formerly known as Enviva Partners, LP, develops, constructs, acquires, and owns and operates fully contracted wood pellet production plants. The Company’s products are used as a substitute for coal in power generation, and in combined heat and power plants. Significantly, Enviva touts itself as a “growth-oriented” environmental, social, and governance (“ESG”) company with a “platform to generate stable and growing cash flows.”
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) Enviva had misrepresented the environmental sustainability of its wood pellet production and procurement; (ii) Enviva overstated the true measure of cash flow generated by the Company’s platform; and (iii) accordingly, Enviva had misrepresented its business model and the Company’s ability to achieve the level of growth that Defendants had represented to investors.
On October 12, 2022, during pre-market hours, Blue Orca Capital (“Blue Orca”) published a report on Enviva (the “Blue Orca Report”). Among other allegations, the Blue Orca Report stated that “new discovered data suggests…the company is flagrantly greenwashing its wood procurement” and characterized Enviva’s claim to be a “pure play ESG Company with a healthy, self-funded dividend and cash flows to provide a platform for future growth” as “nonsense on all counts.” The Blue Orca Report also alleged that “Enviva is a dangerously levered serial capital raiser whose deteriorating cash conversion and unprofitability will drain it of cash next year” and is “a product of deranged European climate subsidies which incentivize the destruction of American forests so that European power companies can check a bureaucratic box.”
On this news, Enviva’s stock price fell $7.74 per share, or 13.13%, to close at $51.23 per share on October 12, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than January 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Enviva securities, and/or would like to discuss your legal rights and options please visit Enviva Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
